Rajasthan-based EPC company Swastika Infra, which executes power distribution infrastructure projects, has launched its ₹161-crore initial share sale for public subscription on September 23 with a price band of ₹175-185 per share. According to reports from Moneycontrol, the public issue will close on September 25, while the anchor book will be opened for a day on September 22. The IPO share allotment is likely to be finalised by September 28 and participants can start trading in Swastika Infra shares on the bourses on September 30. The company has 182 full-time employees as of July 31, 2026, and follows an asset-light model relying on third-party contractors and leased project-specific equipment.
As reported by Moneycontrol, the company is raising up to ₹128.5 crore via issuance of fresh shares, while existing shareholders including promoters will be selling 17.5 lakh shares amounting to ₹32.4 crore via offer-for-sale. The IPO size has been reduced from the original draft filed with SEBI in March 2025, which proposed a combination of fresh issue worth ₹200 crore and an OFS of 19.2 lakh shares. Swastika Infra is looking for a valuation of ₹631 crore at the upper end of the price range. The business is predominantly EPC-led, contributing 97% of revenue from operations in FY2026, while product sales accounted for the remaining 3%. The company has 18 ongoing EPC power projects under its order book amounting to ₹2,036.65 crore as of July 2026, with the uncompleted portion worth ₹916.55 crore.
According to the IPO details, bids can be placed for a minimum of 81 equity shares and in multiples of 81 shares thereafter. The minimum application size for retail investors would be ₹14,985, and the maximum investment would be ₹1,94,805. As reported by Moneycontrol, half of the public issue size has been reserved for qualified institutional buyers, while 15 percent shares are set aside for non-institutional investors, and 35 percent shares for retail investors. The company has 2,71,74,242 pre-issue shares outstanding. The IPO is priced at ₹175-185 per share with a face value of ₹10 per share.
On the financial front, Swastika Infra reported strong growth with profit growing by 51 percent year-on-year to ₹41.4 crore in the year ended March 2026. According to the company's financial results, total income increased by 43.4 percent to ₹505.6 crore, and revenue from EPC projects surged 43.9 percent to ₹487.8 crore during the same period. The company's revenue grew from ₹209.58 crore in FY2024 to ₹503.57 crore in FY2026, while net income increased from ₹13.98 crore to ₹41.43 crore during the same period. The company's EBITDA margin improved from 11.31% in FY2024 to 14.07% in FY2026, while ROCE increased from 25.15% to 25.76% during the same period. The company's debt-to-equity ratio improved from 0.88 in FY2024 to 0.73 in FY2026.
As reported by Moneycontrol, Srujan Capital Advisors, and PhillipCapital India have been appointed as the merchant bankers for managing the Swastika Infra IPO. The company will utilise majority of net fresh issue proceeds for its working capital requirements, with the remainder funds for general corporate purposes, while the offer-for-sale money will be received by selling shareholders. The company proposes to utilize the net proceeds from the issue towards funding incremental working capital requirements of the company. The company has 182 full-time employees as of July 31, 2026, and follows an asset-light model relying on third-party contractors and leased project-specific equipment while retaining control through its engineers and project managers.
